Cement stocks bearish: Vinith Jain, Siddh Capital

Vinith Jain, Director, Siddh Capital, in a chat with ET Now talks about cement stocks.

What is your view on Cement stocks?

The charts of the cement companies have been showing bearishness. Most of the liquid stocks or the bluechip ones like ACC, Ambuja and UltraTech have been showing short term bearishness.

They have also not been rallying much in the current up move except for Shree Cement which has been a very big outperformer on the cement sector for quite sometime. Most of the stocks look a sell to me.

ACC seems to give a target of around 780. It's a pretty deep from here but that's what it looks like as to where the stock will finally rest. Ambuja has had a good rally right now but the pullback rally is lacking strength to cross above the previous high of 124. So we might see the stock come back and test the levels of 105. UltraTech looks the weakest of all. So 880 is the level where I believe the stock could come.